August 03, 2010

Picking Losers

Just a quick example of how good government is at picking losers. After proping up Northern Rock in an attempt to save a few MPs their jobs at huge expense to the tax payer the government decided to split it in two rather than just sell off the assets to however would buy. It was supposed to be split into a 'good bank' that would be profitable bank and eventually sold off as a going concern, plus a 'bad bank' as a storage zone for all the crap. However it turns out that it is the 'bad bank' which is profitable, and the 'good bank' that makes losses. Score another one for the infalibility of the all knowing state.


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